Assurance Agency inks 75K sf office lease in Schaumburg

The independent insurance brokerage is moving into Zeller Realty’s Woodfield Preserve Office Center

TRD CHICAGO /
Oct.October 16, 2018 12:30 PM

20 North Martingale Road, Assurance COO Jackie Gould and Zeller COO Bob Six

Assurance Agency is moving its headquarters to the Woodfield Preserve Office Center in Schaumburg.

The independent insurance brokerage signed a lease with Zeller Realty Group for 75,000 square feet in the complex at 20 North Martingale Road, according to CBRE.

Bill Elwood and Rob Graham of CBRE represented Zeller in the lease negotiations, while Jesse Van Dyke of JLL represented Assurance.

Assurance will move into the complex from its existing headquarters in Schaumburg’s One Century Centre next year. It will occupy part of the first floor and the entire six-floor, which at 52,000 square feet is the largest floor plate in the market, CBRE said.

Houston-based Hines and Chicago-based architect Wright Heerema developed the two-story, 650,000-square-foot Woodfield Preserve complex on 29 acres in 2000 and 2001. Zeller bought the complex for $74 million in 2016 from KBS Real Estate Investment Trust, which paid nearly $137 million for it as prices were peaking in 2007, according to Crain’s.

Zeller made a number of improvements, including adding amenities. Current tenants include IBM, Merrill Lynch and New York Life Insurance.

Elsewhere in Schaumburg, Sovereign Partners is looking to sell the Centennial Center and Two Century Centre office complexes for $60 million. UrbanStreet Group and VennPoint Real Estate, meanwhile, are leading the overhaul of the sprawling former Motorola Solutions campus.

Suburban office vacancies nudged up during the third quarter, but rents still appear to be rising across the board.


Related Articles

arrow_forward_ios
Brian Whiting, CEO of Telos Group, and the Old Post Office (Credit: Google Maps)

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world
Cars.com CEO Alex Vetter and the building (Credit: Google Maps)

Cars.com wants to shrink its space at West Loop HQ

Cars.com wants to shrink its space at West Loop HQ
Thor Equities’ Joseph Sitt and Palmer House Hilton at 17 East Monroe Street (Google Maps)

Thor’s Palmer House hit with $300M+ foreclosure suit

Thor’s Palmer House hit with $300M+ foreclosure suit
Cook County Assessor Fritz Kaegi and downtown Evanston

Cook County landlords get bad news about 2020 taxes

Cook County landlords get bad news about 2020 taxes
Joe Sitt and 905 W. Fulton Market (Credit: Thor Equities)

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
Ald. Walter Burnett (27th)

Alderman Burnett to lift ban on resi development in Fulton Market

Alderman Burnett to lift ban on resi development in Fulton Market
Amazon CEO Jeff Bezos with 4306 120th Ave. in Kenosha and 23700 W. Bluff Road in Channahon (Credit: Getty Images; Google Maps)

Amazon is at it again in Chicago

Amazon is at it again in Chicago
John Murphy, head of Murphy Development Group and a rendering of 8000 N. Lincoln Ave. (Credit: Murphy Development; rendering via Lucien Lagrange)

In this market, a good construction loan is hard to find

In this market, a good construction loan is hard to find
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...